Everyone, whether they know the definition or not, has heard about Bitcoin at some stage in his life. Bitcoin is one of the largest digital currencies, aka cryptocurrency, which is used for digital payments. Although it is quite famous and widely used by many people, some people still hold opposing views. They question the legitimacy and benefits it brings if any. Bitcoin will spread further, and there is no denying it. So, it is better to gather as much information you can get to stay well-updated whether you are a Bitcoin supporter or not. With that said, there are many interesting facts about Bitcoin that you should know. Check them out!
1. The founder of Bitcoin is under an alias
The fact that the founder of Bitcoin is working anonymously makes things seem so suspicious and creepy. This is probably one of the many reasons why people don’t have faith in Bitcoin. After all, what are the chances of these cryptocurrencies being genuine if the founder is living a life of anonymity, right?
So, what do we know for now? The founder of Bitcoin is known as Satoshi Nakamoto, but it turned out to be a pseudonym. It’s also speculated that this Nakamoto isn’t just one person but a group of people working on the idea. And suddenly, Nakamoto vanished from the internet in 2011, leaving no traces behind. However, their Bitcoin is still very much in the business, which means they are still operating it privately. Many people claimed to be Satoshi, but they didn’t have concrete facts to back their claims. Some journalists tried to find out who this mysterious person might be, but they still got no answers to this day!
2. Not all Bitcoin brokers are legit
There are scams everywhere! Even brokers or companies that promote Bitcoins aren’t genuine. You can easily mark them by looking them up on google. If you come across such shady companies, research by putting the companies name and adding “scam” or “review” with it, you will have your answer. Speaking of brokers, some good brokers trade Bitcoins, for example, Wallets World. If you want to know more about the broker or aren’t sure, you can check Walletsworld reviews online.
3. The FBI owns one of the largest Bitcoin wallets
There was a supposed black market website in Silk Road, where Bitcoins were used for transactions. The FBI busted that black market and acquired all the Bitcoins that were circulating the web platform. This means that 1.5 percent of the world’s Bitcoin is now under the FBI’s possession.
4. Number of Bitcoins
Surprisingly, people think Bitcoins are limitless; this is absolutely wrong! Nakamoto, the supposed creator, created 21 million Bitcoin when he founded the company. At present, only 16 million of these cryptocurrencies are circulating the internet.
5. You might not be able to retrieve your digital wallet
Governments don’t insure for digital currencies as they do for bank accounts. So, if you store your Bitcoins in a digital wallet and you lose the password or the entire wallet, they won’t be able to help you out. You need to be very careful while storing your key and pass. Because without them, you can never access your digital wallet ever again. A random fact, it is thought that around 20 percent of the entire Bitcoin supply is lost due to forgotten passwords, misplace or stolen keys.
6. There is a Bitcoin pizza day!
In the US, Bitcoin Pizza Day is being celebrated on May 22nd. It all started when a programmer from Florida named Laszlo Hanyecz successfully traded 10k bitcoins for two Papa John’s Pizzas. That was the first-ever purchase done using Bitcoins.
7. Bitcoin has been sent to space
Funnily enough, bitcoin has seen space itself. In 2016, Bitcoin became the first to make it out of the Earth’s atmosphere and into space. This was done by cloud provider Genesis Mining tied a Bitcoin paper wallet and a 3-D Bitcoin model to a weather balloon. They used a GoPro to track the progress and recorded that successful transactions were carried out at 20 to 34 km altitude.
8. Bitcoin is very volatile
The cryptocurrency market fluctuates because some currencies are very volatile. This makes people sceptical as to whether to invest in Bitcoins or not. Although the digital currency generates a great return to any investor, they are very volatile and can tank themselves pretty quickly. There are many speculations about Bitcoin that says it might fall in the future if it doesn’t do something new. Many market analysis explains why bitcoin is so volatile, for example, market size, specific rules and regulations, low liquidity, declining wealth, etc.
9. You can use Bitcoin to buy things
Bitcoin and other cryptocurrencies are used on the black market more often, and that’s why it is dreaded by many people globally. However, do you know that you can use Bitcoins to purchase products from particular brands legally? Some brands that allow the transaction are Microsoft, Dell, Expedia and many more. Subway and KFC now accept Bitcoin for payment purposes as well. If you don’t have access to traditional banks, you can use Bitcoin for payment. With time more and more brands and companies will see the use and benefit of bitcoins and will welcome the process of payment that Bitcoin allows.
10. You have to account for Bitcoin on your taxes
There is certain legislation in the US tax department that is still being made for Bitcoins. However, the US government has stated that digital currency like Bitcoins and Ether are still considered as capital assets just like bonds and stocks. So, you need to account for Bitcoin on your taxes if you own some otherwise you would be held accountable for tax evasion. If you are not from the US and residing in other countries, it’s always better to check out the rulings for digital currency in tax laws.
Wallets World Review
WalletsWorld is a cryptocurrency trading broker in Australia which is known for trading Bitcoins and Ether. Wallets World is one of the most trusted and common high-end trading centers for cryptocurrencies. They follow strict regulations of the Australian government and are sincere with their reliable approach.
The account opening is very easy; you need to make sure you have the right kind of papers and documents to verify your existence. Wallets world reviews your documents to verify the legitimacy, and after the process is done, you will receive your trading account. Their trading account has no package or anything. They have only one account package for all users; this ensures that all their customers are equally treated. As for their website, it is user and mobile-friendly, which means you can carry the broker anywhere with you. The site gives a lot of relevant information based on the market. You can also learn from their various educational tools and advance your understanding of digital currencies. As for security and protection, I assure you there is no shortage of it. They are always making sure your account is protected and safely handled. That’s why they make your verification process harder and lengthy. Speaking of payment systems for cryptocurrencies, Wallets World allows credit, debit and wire transfer. In the case of customer support, you can call them, send an instant message or email them, according to your preference.
So, that’s it, folks! The Bitcoin facts were interesting, weren’t they? If you want to invest, I’d say that choosing Wallets World would be an excellent way of investing in a legit cryptocurrency broker if you are from Australia. However, if you do feel confused or sceptical about the platform, just do some research, and you should be fine.